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Parliament passes lex MOL

The Hungarian Parliament approved an anti-takeover legislation aimed at preventing the takeover of Hungarian companies judged to be of strategic importance.

The companies named in the law are MOL, regional gas- and electricity companies, the Paks Nuclear Power Plant, seven other power plants, the National Power Line Company (OVIT) and the Hungarian Transmission System Operator Company (MAVIR). The bidder has to enclose a business strategy approved by its own board of directors.

Moreover, public offers may not be repeated in 6 month. The management of the strategic companies will have a broader space to take measures against take-over, like by buying more than 10% of their own shares. The law passed enjoying the majority support of both political sides. (Gazdasági Rádió, Napi Gazdaság)